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These programs help the employee to use their greatest talents and assets for the improvement of the organization.
The fifth area of the total reward strategy involves culture. Culture refers to the attitudes and behaviors that collectively influence how an individual behaves. Cultural change is difficult because it means of changing attitudes and fundamental beliefs of a society or organization. Culture is an element that can influence the total rewards model. The work environment is another factor of that can influence the effectiveness of the total rewards program. These factors influence the effectiveness of the total rewards model and benefit programs by influencing employee perceptions.
These five areas of the total rewards program are consistent across many companies. These five elements have become common terms in the provision of compensation and benefits packages. They are often unchanged in their order. Total rewards programs often list specific company benefits in these five categories. This program has become one of the most common in many areas. Case studies are the most common type of study that is conducted on the effectiveness of these programs. However, in the development of these programs it is important to understand which benefits will be the most popular with the largest number of employees. It is difficult to please everyone, but human resources departments can learn of much about the types of elements to include in their programs using the survey methodologies. This is the theoretical foundation behind the proposed research study.
Motivation is another element that must be included in a discussion of the total rewards model. Motivation falls into two categories, intrinsic and extrinsic. Intrinsic motivation includes an employee's sense of achievement, and respect for themselves as a person. Intrinsic motivation results in higher levels of performance than extrinsic motivation. Extrinsic motivation refers to motivation that is tangible, such as pay and benefits. This type of motivation was once thought to be the most important, but is now recognized as the least important of the two types of motivation (Giancola, 2007).
The pay and benefits package offered by Constellation Energy (2011) is an excellent example of how the total rewards program can be put to work. The pay and benefits package they offer is divided into the five basic categories defined by the total rewards model. The Georgia State Government (2011) has also implemented the total rewards approach to pay and benefits, directly following the five categories contained in the model. Many companies now see the benefits of the total rewards program and institute it as their primary model for employee benefits and pay.
Much of the academic information concerning the success or failure of total rewards packages of uses a case study strategy. One of the most pivotal studies regarding total rewards compared companies in new and old economies (Zingheim & Schuster, 2000). This was one of the first studies to determine that people work for more than just rewards and pay. The total rewards program was found to be one of the most successful in creating a synergy between the workforce and organizational goals. The authors of this study went on to form one of the first and largest consulting companies specializing in the development of total rewards programs. Their research dominates academic studies on the success of total rewards programs.
Fay & Thompson (2001) were some of the first to explore the contextual determinants of reward system success. This study collected the data using an exploratory research method of what constituted successful and unsuccessful rewards systems. The reward systems explored included modified base pay, short- and long-term incentives, benefits, prerequisites and lifestyle rewards. Success was measured based on seven different factors and ten different conditions. Follow up telephone calls provided the researcher with greater detail in regards to the responses. This study contributed to the development of a means of analysis that can be used to determine the success of the program. It determined that a common set of criteria could be used to judge the success of different programs. This research supports standardization of criteria to measure the success or failure of total rewards programs that will be examined in the proposed research study.
Danish & Usman, (2010) found a distinct connection between the employee commitment and organizational performance. They also found that reward and recognition programs were the most important factors in maintaining employee levels of high self-esteem and passion about their job. Carlson (2005) found that the approximately 64% of workers feel a sense of strong commitment to their organization. This was up from 56% in 2002. Pay and benefits were not the only reasons for these findings. One study found that companies need to extend their focus beyond pay and benefits in order to retain the good employees that they have already have.
Khan, Farooq, & Ullah (2010) investigated the role that rewards play in employee motivation in commercial banks. The study used a total of 200 questionnaires as their data collection instrument. The study found that management can use four different tactics to motivate employees in commercial banks settings. It also found that different tactics and policies would have a different impact on a population of diverse employees. Another study explored the role of intrinsic and extrinsic variables on employee retention and turnover (Samuel & Chipunza, 2009). This study found that training and development, challenging and interesting work, and freedom for innovative thinking were key elements in reducing employee turnover rates.
Current literature focuses on the development of theory regarding how to improve the employee retention and increase employee motivation. The total rewards model is based on the culmination of this research, which began in the late 1990s. Several studies have found that rewards other than pay are the most important in retaining valuable employees. Although studies that support intrinsic rewards as the most important element in retaining employees are plentiful, few studies exist on the effectiveness of total rewards programs. Most of the studies that exist that are case studies and only apply to companies that are similar, or in the same industry as the company that was used as the basis for the study.
The purpose of this study will be to examine which types of reports are the most beneficial for inclusion in a total rewards package. In order to accomplish this task the study will focus on benefits that are commonly placed in the five areas of total rewards programs. The purpose of this study will be to develop best practices in terms of total rewards programs. Total rewards programs were developed from the body of academic research on which employee benefits packages were the most effective and on the effects of various factors on employee motivation and retention. The total rewards program is a result of previous research in this area. This study will contribute to this body of research by expanding this research into the development of a more precise best practices program than currently exists in the it field. It will help human resources departments to develop the most effective benefit packages that will result in the most effective means of to retain employees in technical fields.
The objectives of the study are to develop a best practices in the area of total rewards benefits and pay packages. The study will help to determine which of the five elements of the package are most important in retaining key employees. It will also help to determine which of these five of areas are the most effective and most important in the minds of a majority of employees in technical fields. The study will help in the development a benefit packages for technically oriented persons in the computer industry. The research will address the following objectives.
1. To determine which of the five areas of the total rewards model are most important in attaining and retaining technically oriented personnel.
2. To determine which of the most common of elements of these five areas of the total rewards model are the most effective in attaining and retaining technically oriented personnel.
3. To develop a set of best practices that will help human resources personnel develop pay and benefit packages that will help them to achieve their goals of employee retention.
Research Procedure (Methods)
This study will use a quantitative research method that employs a questionnaire. A quantitative study is appropriate for this research design as the data can be easily converted into numerical data. One of the key drawbacks of this type of study is that it doesn't provide a high degree of the insight into the reasons behind the answers. However, the objectives of the study are to aide in the development of total rewards programs that will be most effective in retaining employees. Therefore, the most relevant data will be that which demonstrates the preferences of a majority of employees. This type of information would be indicative of a quantitative study.
Population and Sample
Respondents will be of various demographic…[continue]
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